What is a flood risk report?
A flood risk report is used during the conveyancing process to provide potential buyers with an indication as to whether the property is at risk of flooding in the future. The report is compiled through a collection of flood data from The Environment Agency, The British Geological Survey and property data from HM Land Registry to provide an indication of the risk of flooding to the property or land.
Do I need one?
A flood risk report can provide you with important information about the properties flood history and the likelihood of the property being flooded in the future. The risk of flooding would be noted in an environmental search but does not go into detail. A flood risk report provides more in-depth information specific to the property.
A flood risk report is crucial if you are purchasing a property in an area where you are aware there has been flooding in the past. If a high level risk is highlighted in the report your insurer and lender must be informed, a potential flood risk can affect your insurance premium and mortgage application.
Knowledge of any potential flood risk in advance allows the buyer to take the appropriate action; this could be preparing the appropriate insurance or pulling out of the property purchase all together. This protects the buyer from the future costs of work involved in repairing any damage to the property caused by flooding if it were to happen in the future.
What do they include?
A flood risk report will provide an indicator of the risk of flooding to the specific property or land you are looking to buy. It can include information regarding;
- Historic flood events
- River and coastal flood risk data
- Surface water flood risk data
- Risk of ground water flooding data
- Current of future proposed flood defences
- Flood risk Insurability
- Expert risk assessment
- Preventative measures and guidance
Where do I get one?
Your conveyancing solicitor will perform a set of standard searches on the property that include the LLC1, CON29, CON29DW and an Environmental report. The environmental report indicates a risk of flooding to the property your solicitor will request for a Flood risk report which will provide more in-depth detail. If they are aware of flooding in the area previously a Flood report will be requested automatically without waiting for the return of an Environmental report.
A flood risk Report can be obtained through an independent search provider but will be complied by either Ground Sure or Landmark, which you can also purchase a Flood risk report through directly, so no matter what provider you choose you will receive the same information.
How long do they take?
The time it takes to obtain a flood risk report can vary depending on your search provider however most will provide the report within 5 days. Some also offer an express service that could produce the report within 1 day.